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China becomes biggest lender to Kenya
March 4, 2018, 1:16 pm
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Chinese loans to Kenya for the period ending December 2017 totaled $5.2 billion, making China the top country to advance loans to Kenya in 2017. Besides China, other major lenders to Kenya were Japan at a distant $825 million; France $623 million; Germany $325 million; and Belgium at$100 million.

Revealing this information, the Kenyan Treasury department said that Chinese loans to Kenya have been growing since December 2015, when it advanced the government a total of $2.7 billion. In total, foreign countries advanced a total of $7.58 billion to the government during the period under review.

The Chinese loan edged past the International Development Association and International Fund for Agricultural Development facilities for the first time. The multilateral institutions advanced the government $5.18 billion for the period ending December 2017. Other multilateral institutions that advanced huge amounts to the government included Asian Development Bank, International Monetary Fund and other institutions. Collectively, multilateral institutions advanced $8.15 billion.

The treasury report indicated that the external public debt stock increased by $4.3 billion from $18.5 billion on December 2016 to $23 billion by end of December last year.

 

 

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